Publishing giant Meredith has purchased AllRecipes.com from Reader's Digest for $175 million. Meredith previously purchased the magazine Every Day With Rachael Ray from RD. As long as Meredith keeps getting a good deal, they'll continue to pick over the remains of the once-proud company that Lila and DeWitt Wallace created.
Reader's Digest is deep in debt and this infusion of cash will (barely) help make a dent in what they owe. Maybe just the higher-ups can give themselves nice fat bonuses now.
My prediction? Weekly Reader is sold off next, then Taste of Home, then RD's flagship Reader's Digest magazine. Then the current board of directors can close up shop completely, and Lila and DeWitt can spin one last time in their graves.
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